A bill to amend the Internal Revenue Code of 1954 to permit small businesses to reduce the value of excess inventory.

Summary

Amends the Internal Revenue Code to permit a domestic trade or business whose equity capital does not exceed $25,000,000 to reduce the value of a portion of excess inventory items held for more than 12 months. Permits a taxpayer who is required to change his method of accounting pursuant to Revenue Ruling 80-60 (inventory valuation) and Revenue Procedure 80-5 to effect such a change only for taxable years beginning after December 31, 1982.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 4 August 1983

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 4 August 1983

   Introduced

   Introduced in House

   Source: IntroReferral

3. 4 August 1983

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 4 August 1983

  Open at official source

Sponsors

• Sen. Dorgan, Byron L. [D-ND] · D · Sponsor
• · hswm00 · Standing

Related records

• related to ← A bill to amend the Internal Revenue Code of 1954 to permit small businesses to reduce the value of excess inventory.